Tax season is officially here! The Internal Revenue Service (IRS) has announced that it will begin accepting and processing tax forms for individuals starting February 12, 2021. This date is two weeks later than normal to accommodate for tax law changes and the recent stimulus relief package.
To ensure speedy tax refunds and timely stimulus checks, taxpayers should:
- File electronically and use direct deposits.
- Review IRS.gov guidelines for Economic Impact Payments, or stimulus payments.
- Consider whether they qualify for the Recovery Rebate Credit. Individuals who did not receive their first stimulus payment or who received a partial payment may be eligible to claim this credit on their 2020 tax returns.
- Advance stimulus payments received separately are not taxable, and they will not reduce taxpayers’ refunds when they file their 2021 taxes.
As of the date of publication, April 15, 2021 is the income tax filing deadline with extensions due on October 15, 2021.